Thoratec Corp’s Earnings/Guidance Mixed; Shares Crash (THOR)

Thoratec Corp.

reports Q2 earnings of $0.34 versus estimates of $0.32. Thoratec Corp. reports Q2 revenues of $95.1 million versus estimates of $95.25 million. Revenues increased 37.4% year over year. The company said that FY 2010 EPS would be in the range of $1.19 to $1.23 on revenues of $380 to $385 million; this compares to the Street consensus of $1.23 per share on revenues of $386.89 million. Non-GAAP gross margin is expected to be in the range of 67-68% range. "As has been the case over the past several quarters, our financial performance was driven by continued adoption of the HeartMate(R) II LVAS (Left Ventricular Assist System) for Bridge-to-Transplantation (BTT) and Destination Therapy (

) in both North America and international markets. This reflects the value of our market development and clinical support programs, which are facilitating both adoption and continued positive patient outcomes with the device," said Gary F. Burbach, president and chief executive officer of Thoratec. Shares of THOR are trading lower by 15.37% in the after-hours.